PONCE FINANCIAL GROUP INC Stock Price, News & Analysis

PDL Community Bancorp (NASDAQ: PDLB) announced the approval of the reorganization plan at a special meeting held from December 28, 2021, to January 7, 2022. The plan involves Ponce Financial Group becoming the holding company for Ponce Bank and Mortgage World. A total of 13,317,391 shares are expected to be sold at $10.00 per share, with public shareholders receiving approximately 1.395 shares of Ponce Financial Group stock for each share of PDL stock. Additionally, Ponce Financial Group will contribute 399,522 shares to the Ponce De Leon Foundation. The conversion's closing date is still pending.

PDL Community Bancorp (NASDAQ: PDLB) announced results from its subscription offering and approval of a conversion plan at a special stockholders' meeting on December 28, 2021. Shareholders approved Ponce Financial Group as the new holding company for Ponce Bank and Mortgage World Bankers. The subscription offering aims to sell 13,242,195 shares at $10 each. Upon conversion, public shareholders will receive 1.38733 shares of Ponce Financial for each PDL share held. The closing date for this transaction and the funding of the Ponce De Leon Foundation is pending customary conditions.

The Ponce De Leon Foundation has awarded $320,000 in grants to various nonprofits, contributing to a total of over $1 million since its establishment in 2017. The funding aims to enhance community services, supporting initiatives such as Alzheimer’s care, therapeutic counseling, and workforce development programs. Executive Director Madeline V. Marquez emphasized their dedication to improving community quality of life. Major beneficiaries include the Association of Community Employment Programs for the Homeless and the Latino Pastoral Action Center, each receiving substantial financial assistance.

Ponce Bank, a subsidiary of PDL Community Bancorp (PDLB), finalized the sale of a property in Jackson Heights, Queens, for $11.8 million. The net book value was $7.8 million as of November 30, 2021. Following the sale, the Bank entered a 17-year lease agreement to lease back the property at an initial annual rent of $530,000, with a 2.0% annual increase. CEO Carlos P. Naudon expressed enthusiasm about the transaction, emphasizing ongoing investments in community safety and stakeholder value enhancement for 2021.

PDL Community Bancorp (NASDAQ: PDLB) announced sufficient subscriptions in the stock offering, obviating the need for community or syndicated offerings. The results will be disclosed upon processing completion and final appraisal. The conversion and reorganization of Ponce Bank Mutual Holding Company remains subject to regulatory and member approvals. PDL operates through Ponce Bank and Mortgage World Bankers, focusing on deposits and mortgage loans across various properties. The bank is also a certified small business lender and community development financial institution.

PDL Community Bancorp (PDLB) has received a letter from the U.S. Department of the Treasury indicating its eligibility to participate in the Emergency Capital Investment Program (ECIP). The Company may receive an investment of up to $185.6 million in exchange for the issuance of senior perpetual noncumulative preferred stock, pending the completion of its conversion and reorganization process. However, PDLB cannot guarantee participation or the specific terms of any potential investment.

PDL Community Bancorp (NASDAQ: PDLB) announced that the Federal Reserve has approved Ponce Financial to proceed with its stock offering during the conversion from Ponce Bank Mutual Holding Company. The offering will sell between 8,925,000 and 13,886,250 shares at $10.00 each, representing approximately 55.1% of PDL's ownership. Shareholders' existing PDL shares will convert to shares of Ponce Financial based on a predetermined exchange ratio. The offering will expire on December 14, 2021, subject to certain approvals.

PDL Community Bancorp (NASDAQ: PDLB) reported a net income of $2.1 million for Q3 2021, down from $5.9 million in Q2 2021 and $4.0 million in Q3 2020. Net interest income rose 12.4% from the previous quarter to $15.4 million, and increased 42.3% year-over-year. Non-interest income fell by $5.1 million due to reduced gains from property sales. Deposits climbed 21.3% to $1.25 billion since the end of 2020. Total assets reached $1.56 billion while equity grew to $173.9 million. The efficiency ratio worsened to 78.89%, indicating a higher expense burden.

On August 30, 2021, PFS Service Corp., a subsidiary of PDL Community Bancorp, agreed to sell its property at 2244 Westchester Avenue, Bronx, for $16.1 million. The company will enter a 17-year lease for the property, paying an initial annual rent of approximately $926,100, with annual increases of 1.75%. CEO Carlos P. Naudon expressed enthusiasm over this deal, highlighting a commitment to enhancing stakeholder value while providing ongoing services in the area.